Home Business ICICI Bank, Axis Bank buy stake in Indian Oil's joint venture refinery

ICICI Bank, Axis Bank buy stake in Indian Oil’s joint venture refinery

Indian Oil and Chennai Petroleum will hold 25 per cent each in the joint venture. (Representative)

New Delhi:

Chennai Petroleum shares today saw sharp buying after private sector lenders ICICI Bank and Axis Bank said they picked up stake in the proposed joint venture between Indian Oil Corporation and Chennai Petroleum Corporation.

Indian Oil Corporation also took good buying support.

In a regulatory filing with BSE, ICICI Bank said that the joint venture will be incorporated through an initial capital of Rs 5 lakh. ICICI Bank will contribute 10 per cent of the total paid-up capital of the JV at a cost of Rs 50,000.

The joint venture is proposed to be incorporated through a seed capital of Rs 5 lakh.

“ICICI Bank as a seed equity investor has no obligation to fund the future equity requirement of the project beyond the initial seed capital contribution of Rs 50,000,” the filing said.

Indian Oil and Chennai Petroleum will each hold 25 per cent stake in the joint venture that will implement the 9-MMTPA refinery at Nagapattinam in Tamil Nadu.

In a similar filing with BSE, Axis Bank said it will acquire 10 per cent stake of the proposed joint venture at a cost of Rs 50,000.

The insurance arm of ICICI group ICICI, Prudential Life Insurance also informed the stock exchanges that it will pick up 9 per cent stake at a cost of Rs 45,000.

Shares of Indian Oil and Chennai Petroleum rose on the participation of private sector players as seed investors.

Indian Oil closed at Rs 72.05, up over 3 per cent, on the BSE, while Chennai Petroleum was up 3.76 per cent at Rs 198.70. Chennai Petroleum rose over 5 per cent intraday.

Shares of ICICI Bank, Axis Bank and ICICI Prudential also gained 0-1 per cent.

featured video of the day

Bank of England makes biggest interest rate hike in 30 years


crypto exchange bitfront shutdown

<!-- -->Bitfront said it has suspended new sign-ups and credit card payments until November 28. (Representative)Bitfront, a US crypto exchange backed by Japanese...

ICICI Bank says new digital-lending platform is first to digitize home loan process

<!-- -->TCS said that iLens digitizes the entire lending process for borrowers.New Delhi: ICICI Bank has launched a new digital-lending platform called 'iLens', developed...

India’s growth is going to slow down for a few years. why isn’t it such a bad thing

<!-- -->Demand could be hit by borrowing costs that have returned to pre-pandemic levels.India's annual economic growth is forecast to slow to around 6%...


Please enter your comment!
Please enter your name here

Most Popular

Ahmadi community not at peace even after death in Pakistan… fundamentalists desecrated the graves, wrote – Ahmadi Dog

Islamabad : Religious extremists have allegedly desecrated several graves of Ahmadis in Pakistan's Punjab province. A spokesperson of the minority community gave this...

Recruitment for more than 130 posts in MP under National Health Mission

National Health Mission Jobs 2022: If you are looking for a government job then there is good news for...

US shows nuclear submarine equipped with super-destructive missiles in Indian Ocean, China or who on target? learn strength

Diago Garcia: The US Navy has once again surprised the world by announcing the deployment of a nuclear submarine equipped with its super-destructive missiles....

India Look To Level Series In Deciding ODI Against New Zealand | cricket news

The Indian cricket team would like to finish their limited overs cricket series in New Zealand on a high when they take on the...

Recent Comments